If an independent central bank is off the table, Venezuela might opt, instead, for a currency board.
A currency board is required, by law, to exchange local currency—in this case, the bolívar—for some foreign currency at a fixed rate and to hold 100% foreign currency reserves to meet that requirement.
First, the fixed rate a currency board could support might be much higher than the administration is willing to admit.
Second, although the currency board is legally required to hold 100% reserves, nothing technically limits it from over-issuing.
The Kobayashi Maru of monetary policy, currency substitution recognizes that the only way to win the game is not to play at all.